What is the Earned Income Tax Credit? If eligible the EITC will reduce your tax liability and may give taxpayers a refund.
Eligibility can be affected by major life changes such as:
-a new job or loss of a job
-unemployment benefits
-a change in income
-a change in marital status
-the birth or death of a child
-a change in a spouse's employment situation
Taxpayers who are married filing separately can’t claim the EITC.
Taxpayers qualify based on their income and the filing status they use on their tax returns. The credit can be more if they have one or more children who live with them for more than half the year and meet other requirements.
The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed:
Zero children: $538
One child: $3,584
Two children: $5,920
Three or more children: $6,660
Those who are working and earn less than these amounts may qualify for the EITC:
Married filing jointly:
Zero children: $21,710
One child: $47,646
Two children: $53,330
Three or more children: $56,844
Head of household and single:
Zero children: $15,820
One child: $41,756
Two children: $47,440
Three or more children: $50,954
If you or someone you know needs help with tax preparation, please feel free to contact me at 702-469-9426 or cstevens@numbercruncherllc.tax. I help taxpayers in the Las Vegas, NV area, State of Nevada, St. George, UT, and nationwide who have IRS issues and need help with tax preparation.
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